In a move which some have seen looming for years, CO-OP Financial Services and Financial Services Centers Corp. have signed a letter of intent to merge their shared branching operations.
According to the firms, that combined network will involve 1,700 credit unions with more than 4,300 branch locations and 2,200 kiosks located in 7-Eleven stores.
The agreement provides for FSCC CEO Sarah Canepa Bang to become chief operating officer at FSCC and chief strategy officer at CO-OP Shared Branching, a division of CO-OP Financial Services.
“I am excited for the credit union movement as this combination will advance the vision of FSCC to have every branch of every credit union an outlet,” said Canepa Bang. “There’s no denying that FSCC and CO-OP have been terrific competitors–imagine what we can do together. CO-OP and Stan Hollen personally played an historic role in the creation of FSCC, and now with the combining of the two companies, it is very much a case of our business coming to a logical full circle.”